WASHINGTON: US Treasury Secretary Janet Yellen said on Thursday that banking regulation and supervisory rules need to be re-examined in the wake of the Silicon Valley Bank and Signature Bank failures to ensure that they address current banking system risks.

In remarks prepared for delivery to the National Business Economics Association, Yellen also called for stronger regulation of the growing non-bank, or “shadow bank” sector.

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She said it was “important that we reexamine whether our current supervisory and regulatory regimes are adequate for the risks that banks face today. We must act to address these risks if necessary.”

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